Estonian retail sales ease growth rate to 2% y/y in May

Estonian retail sales ease growth rate to 2% y/y in May
By bne IntelliNews June 28, 2019

Estonian retail sales grew 2% y/y in constant prices in May, according to data released by Statistics Estonia on June 28.

Although the reading marks a drop of as many as 6pp versus annual growth recorded in April, consumption is expected to be an important driver of economic growth in 2019, as it was last year.

The economy grew 3.9% y/y in 2018. The pace of GDP expansion is expected to weaken to below 3% this year. That was put into question, however, by the good reading of GDP expansion – at 4.5% y/y – in the first quarter. That might lead to upward revisions of outlook for 2019.

Stores selling manufactured goods saw sales expand 4% y/y in May, compared to an expansion of 11% y/y in April, Statistics Estonia noted.

Turnover in grocery stores expanded 2% y/y in the fifth month, following a growth of just 7% y/y in April. Fuel sales fell 4% y/y in comparison to an expansion of 2% y/y the preceding month, data also showed.

Overall, turnover increased in five out of the seven main retail segments. The biggest expansion came in “non-specialised stores selling predominantly manufactured goods and in pharmacies and stores selling cosmetics,” Statistics Estonia said.

In nominal terms, turnover at Estonian shops came in at €646mn.

Data

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